Inflation has reached unprecedented levels, leaving the entire country in a state of economic turmoil. The latest data released by the Pakistan Bureau of Statistics has revealed alarming increases in the prices of essential items, sending shockwaves throughout the nation. The annual inflation rate has soared to a staggering 39.26%, while the weekly rate crawled up by 0.21%, intensifying the financial burden on ordinary citizens. Even with the government’s promise of relief for the poor and taxation of the wealthy, the prices of 21 essential items witnessed a substantial increase this week, plunging the country further into economic distress. From the hardworking individuals earning a modest income of Rs17,733 to Rs22,888 per month, the inflation rate stands at a whopping 41.06%.

Pakistan is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review, Finance Minister Ishaq Dar said on Saturday, but reiterated it would not approach Paris club nation creditors or seek haircuts. Dar said there was no more room in the budget to reduce the fiscal deficit target by any further. Finance Minister Senator Mohammad Ishaq Dar addressed a Post Budget 2023-24 press conference in Islamabad. The finance minister proposed tax reduction for the Information Technology sector, listed companies, overseas Pakistanis, young entrepreneurs and giving relief to the builders and traders. Interestingly, the government showed $2.4 billion IMF loan receipts in the next fiscal year, despite the programme ending on June 30.

Pakistan’s national basketball team has been officially announced to participate in the upcoming Five-Nation International Basketball Championship. The championship is scheduled to take place in the Maldives from June 15, 2023, to June 22, 2023. This exciting event marks a significant moment for the Pakistan team as it ends a seven-year hiatus from international competitions, providing them with valuable exposure. In a press release by the Pakistan Basketball Federation, it was stated that the Five-Nation Basketball Championship will showcase the talents of Pakistan, Maldives, Bangladesh, Sri Lanka, and Nepal. READ MORE: Lionel Messi Officially Signs with Inter Miami in Major League SoccerThe upcoming Five-Nation Championship promises to be an exciting opportunity for the Pakistani basketball team to showcase their talent on the international stage.

From The Tribune staff reportsBIRMINGHAM – A 13-year-old was found unresponsive in a pool at their home has died. Truth Archie died at 10:45 a.m. Thursday after being treated for four days at Children’s Hospital. She was rushed from a private home at 900 block of Charles Court by paramedics at around 3 p.m on Sunday, June 4. The incident is under investigation and is pending an examination by the Jefferson County Coroner’s office.

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A spokesperson for Pakistan Tehreek-e-Insaf (PTI) in a statement on Friday said that they want Finance Minister Ishaq Dar to resign and apologise to citizens for taking the country to the brink of default and unleashing 38 percent inflation. The PTI spokesperson further said that the Economic Survey FY2023 “paints a truly dismal picture of the economy”. This policy has brought the economy to the brink of a default, with SBP reserves now standing at only $3.9bn, not even enough to finance one month of imports. They were $10.5 billion at the time of the VONC,” the statement added. Amidst the economic crisis, the coalition government presented an expansionary budget for fiscal year 2023-24 on Friday.

Most wanted terrorist and killer of many innocent people Sanaullah Ghafari aka Shahabul Muhajir has been killed in the Afghan city of Kunar, Express News reported. The killed terrorist was not only wanted in Pakistan but also at an international level. Ghafari, involved in multiple attacks in Iran, Uzbekistan, Tajikistan, and Pakistan, was also active in Afghanistan. Ghafari remained a key figure as the mastermind and operations lead behind numerous attacks in Pakistan and around the world. The US State Department Bureau also revealed in its tweet that Sanaullah Ghafari was the most important member of ISIS-K and was responsible for approving all operations and raising funds for terrorist operations.

The Government of Pakistan (GoP) ascribed the floods and the following destruction to global warming and accompanying climate change. The government, while soliciting international aid, argued that despite contributing less than one percent of global greenhouse gas emissions, Pakistan has a high vulnerability to climate change effects. In 2022 United Nations Climate Change Conference or Conference of the Parties (COP) was held from November 6 until November 20, 2022, in Sharm El Sheikh. Pakistan put forward its point of view on the effects of climate change, and how it’s affecting the environment, especially in developing countries. Else, we could expect another déjà vu in the coming monsoons: let it rain, let it rain.

According to Express News, minutes after Prime Minister Shehbaz Sharif addressed the federal cabinet and gave an impassioned speech about the impact of inflation on the masses – especially the salaried class – the cabinet approved a 30% increase in salaries of government employees. Commenting on the International Monetary Fund (IMF) programme, the premier maintained that the incumbent government has met the IMF’s major conditions. The premier maintained that Pakistan was "thankful" for the $3 billion financing commitments from friendly countries. The fate of Pakistan’s struggling economy hangs on the upcoming budget as the nation grapples with a severe crisis. To secure much-needed bailout funds, the government must satisfy the IMF, while also preparing for an impending general election scheduled for November.

The “right to roam” concept may be big in parts of Europe, but Americans are typically too skittish about giving up their property rights.

He is also the author of Development, Poverty, and Power in Pakistan, available from RoutledgePakistan’s external debt stock of over $125 billion dollars has brought it to the brink of default. It became the recipient of IMF and World Bank loans back in the 1950s. The World Bank and IMF have provided Pakistan billions of dollars in loans till date. In less than a decade, China has become a major external lender for Pakistan, and around 30% of Pakistan’s external debt is now owned by Chinese banks. However, it is unfair to describe Chinese aid as debt diplomacy, when the US grants and US-backed IMF and World Bank loans have also been used to exert influence over Pakistan, and over many other resource-constrained countries around the world.

MULTAN - City Traffic Police (CTP) issued 25,000 challan tick­ets to motorcyclists over violations of helmet dur­ing a special crackdown started from January 2023 in the city. Taking serious notice of the maximum head injuries in road accidents of motorcycles in the city, the city traffic police decided to launch a special campaign against helmet violations and took action against 25,000 violators. The CTP started the special crackdown from January during which 25,000 challans have been issued over helmet violations and 24,000 challans have been issued over violations of license while 1,500 motorcycles have also been impounded dur­ing the ongoing crackdown. Chief Traffic Officer (CTO) Muhammad Naeem Shahid said that ratio of head injuries have been reduced due to the crackdown against helmet vio­lators. He said that use of helmet was being made com­pulsory and would be implemented strictly under the vision to protest public lives.

Health department officials verified that the sewage sample was obtained on May 15 from Sohrab Goth, which serves as an environmental sample collection site. They further revealed that this marks the first positive environmental sample from the Karachi division this year. “This is the first positive environmental sample from Karachi division of the year so far,” they confirmed. The last positive sample from the Karachi division was collected in August 2022 from the Landhi area, the environmental sample collection site located in Malir district. Soomro also mentioned that the environmental sample is suspected to have links with Afghanistan and has been sent to Atlanta, USA for further authentication.

Pakistan's central bank is widely expected to keep its key interest rate unchanged at 21% on Monday after aggressive rate hikes since April last year to tackle record-high inflation amid the nation's worst-ever economic crisis. The country's key rate has been raised by a massive 1125 basis points (bps) since April 2022 and 17 of 18 analysts surveyed said there would be no change in the key rate on Monday, while one expects a 100 bps hike. Most analysts agreed that with inflation peaking and global commodity prices coming down, there was no urgent need to hike interest rates yet again. These measures include raising taxes and removing blanket subsidies and artificial curbs on the exchange rate. For the individual poll responses, see table below:Reuters table

Ahsan elaborated on how heavy taxation is hampering growth not only for the Telecom sector but also for Digital, IT, and other related industries. “Pakistan has about 60% of its population in the 15-29 age group, representing enormous human and knowledge capital. Immediate facilitation by the Government of Pakistan, along with a long-term policy framework, will stabilize the Telecom sector and contribute to the overall economic infrastructure of the country. Pakistan has an opportunity to become the hub of IT and Digital industry exports for this it needs consistent, reliable, strong, and affordable Telecom services. Government must review its taxation policy for the Telecom industry.